Viking Ashanti Limited announced that it has entered into a binding Heads of Agreement with emerging coal developer Auminco Mines Limited (AUM or Auminco) under which it has agreed to merge with Auminco in a share exchange transaction. On completion of the merger, Viking will invite three members of the current AUM management team to join the VKA Board. Mr. Andrew Whitten will join the board as Non-Executive Deputy Chairman, Mr. Matt Morgan as Managing Director and Mr. Bayar Tsagdaa as an Executive Director.

Mr. Jack Gardner will remain as Non-Executive Chairman, current Managing Director Mr. Peter McMickan will remain as an Executive Director and Mr. Mike Langoulant will remain as company secretary. Mr. Trygve Kroepelien and Mr. Mark Newlands will resign from their positions as Non-Executive Directors.